- December 31, 2018
- Posted by: admin
- Category: Blog, Economics
Nevada state government has issued 61 licenses for cannabis stores open and operate within the state. There are already a number of retail stores in Nevada, with these 61 additional stores the number has doubled. It is an appreciation for the cannabis market as the industry is growing with each passing moment.
However, not everyone seems to be satisfied with the state’s licensing policy. Some of the businesses claimed that no new company or store has got the licenses. Stores and businesses that already had permits get another license to sell recreational cannabis in their stores. This is a problem of multi-license holding. According to reports, some of the businesses do not even have any retail store, still, those businesses got licenses to sell recreational cannabis in their retail stores.
According to Jason Sturtsman, Cannabis Consultant, most of the companies that received a license are backed up with the high amount of capital in their business. Some of the companies got a provisional license. That means, they can now, sell marijuana in their outlets or retail stores.
For the license holders, they need to take the needful permits from other essential state departments. Within one year of the time, the license holder should get all the documents from the state to start their process of selling marijuana in their stores.
Companies such as Essence, Green Mart, Tap Root Holdings and Green Growth Brands have earned multiple licenses from the Nevada State government. Essence, among all, has received 8 licenses. Whereas Tap Root Holdings and Green Growth have earned 7 licenses each. Finally, Green Mart has ended up having 4 licenses from the state.
There are 65 licensed retail stores that have the license to sell marijuana in Nevada. In last one year, the business these stores made was worth of $425 million by selling recreational marijuana. The figure is expected to increase in near future.
Currently, not many banks or financial institutions provide banking solutions to the Marijuana industry or retails stores. However, some of the private companies provide a true solution. These companies make point of banking for MMJ dispensaries a lot easier by providing banking solutions to the cannabis industry.
Not only for the MMJ dispensaries but also medical marijuana payment processing and other payment modes are also available with these privately owned financial companies.